In this article, we will look at the 12 Best Medical Device Stocks to Buy According to Analysts.
On July 7, CNBC’s Chery Kang and Elaine Yu talked about China’s imposition of reciprocal tariffs on the import of medical devices from the European Union. Yu stated that trade tensions between China and the EU are heating up, and that includes this sector as well.
China’s Finance Ministry announced that it is restricting government purchases of medical devices from Europe worth more than 45 million yuan, which translates to around $6.3 million.
She elaborated that this affects only imports, and does not include goods manufactured by EU-funded companies in China. Yu called the act a “counter measure” against a similar move by the EU on Chinese companies imposed in June, with Beijing framing the move as “necessary” and “defensive.”
READ ALSO: 10 Undervalued Defensive Stocks to Buy According to Analysts and 10 Most Undervalued Biotech Stocks to Buy Now.
A statement by China’s Commerce Ministry stated the following about the situation:
“China has no choice but to take reciprocal restrictive measures to safeguard the legitimate rights and interests of Chinese enterprises and maintain a fair competition environment.”
With these trends in view, let’s look at the best medical device stocks to buy according to analysts.
A medical professional in a hospital room with modern medical devices in the background.
Our Methodology
We reviewed financial media reports and ETFs to compile an initial list of the best medical device stocks and selected the top 12 with the highest analyst upside potential. We also added the number of hedge fund holders as of Q1 2025, sourcing the hedge fund sentiment data from Insider Monkey’s database. The list is sorted in ascending order of analyst upside potential.
Note: All data was recorded on August 11.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12 Best Medical Device Stocks to Buy According to Analysts
12. PROCEPT BioRobotics Corporation (NASDAQ:PRCT)
Analyst Upside: 71.83%
Number of Hedge Fund Holders: 27
PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is one of the best medical device stocks to buy according to analysts. On August 8, Leerink Partners analyst Mike Kratky reiterated a Buy rating on PROCEPT BioRobotics Corporation (NASDAQ:PRCT), keeping the associated price target at $83.
He based the optimistic rating on the stability and growth of PROCEPT BioRobotics Corporation’s (NASDAQ:PRCT) performance, stating that the company reported a 4% sales beat in Q2. This growth was attributed to strong international momentum and higher average selling prices in the US.
The analyst added that the company’s full-year sales guidance was raised slightly despite a softer Q3, and the gross margin guidance was improved as well. This suggests a positive outlook for the rest of the year, according to the analyst.
PROCEPT BioRobotics Corporation (NASDAQ:PRCT) is a commercial-stage surgical robotics company that develops transformative solutions for urology. The company manufactures and sells the AquaBeam Robotic System, which is an image-guided, surgical robotic system used in minimally invasive urologic surgery.
11. Axogen, Inc. (NASDAQ:AXGN)
Analyst Upside: 83.45%
Number of Hedge Fund Holders: 27
Axogen, Inc. (NASDAQ:AXGN) is one of the best medical device stocks to buy according to analysts. On August 6, Raymond James analyst Jayson Bedford lowered the firm’s price target on Axogen, Inc. (NASDAQ:AXGN) to $20 from $21, keeping an Outperform rating on the shares.
The analyst told investors in a research note that Axogen, Inc.’s (NASDAQ:AXGN) Q2 results exhibited a step-up in momentum, with gross margin and revenue growth both demonstrating an improvement.
He added that while the low end of H2 guidance points towards a growth deceleration, it appears to be conservative given recent trends and contribution from newly added reps.
Axogen, Inc. (NASDAQ:AXGN) develops and markets surgical solutions for peripheral nerve regeneration and repair. The company’s products include avive soft tissue membrane, acroval neurosensory and motor testing system, avance nerve graft, axoguard nerve connector, axoguard nerve protector, and more.
Hedge Fund Resource Center